Bitcoin ETF inflows reach $731 million as price reclaims $80,000 level
US Bitcoin spot ETFs recorded their highest daily net inflows in eight months after the asset reclaimed the $80,000 price mark amid fading expectations for a Federal Reserve interest rate hike.
Bitcoin climbed back above $80,000 on Thursday as major crypto tokens posted gains. US-listed spot Bitcoin exchange-traded funds (ETFs) recorded net inflows totaling $730.9 million in a single day. This volume represents the largest daily haul for these funds since January 14, when they attracted $843.6 million. BlackRock's iShares Bitcoin Trust (IBIT) led the buying spree with $454 million in inflows, which accounted for approximately 62% of the total. The fund had previously drawn $503 million in August alone. Other funds contributed significantly to the surge; ARK Invest and 21Shares' ETF combined for $137.7 million, while Fidelity's Wise Origin Bitcoin Fund added $74.4 million. Only VanEck's Bitcoin ETF and WisdomTree's Bitcoin Fund recorded outflows of $19.6 million and $5.2 million respectively. CoinGecko data indicates the price reclaimed the $80,000 level after trading within a range between roughly $76,000 and $81,000 this week. While the rally occurred as traders cut bets on a September Federal Reserve rate increase to 62% odds, analysts at CryptoQuant cautioned that weaker spot demand and heavy short covering were driving the move toward the $83,000 threshold.
